Combined with its earlier AMD lease, Riot now has 241 MW under contract totaling about $9.8 billion in long-term revenue. The agreement marks a clear pivot from pure Bitcoin mining toward high-margin AI infrastructure hosting. The agreement would lease 191 megawatts at Riot’s Rockdale, Texas computer campus, giving Anthropic access to scarce, grid-connected power as demand surges for computing power that can be used to provide artificial intelligence – and transitioning Riot from bitcoin miner to AI infrastructure landlord. Shares initially soared more than 20% in reaction before giving up almost the entire gain.

The agreement is expected to generate $9.1 billion in revenue over its 20-year term, rising to roughly $16.1 billion if the agreement is extended for two additional five-year periods. It follows Riot’s existing agreement with Advanced Micro Devices, meaning Riot now has a “two-tenant campus carrying $9.8 [billion] of contracted data center revenue,” Compass Point analyst Michael Donovan said in a note Tuesday.

Bitcoin mining stocks once looked like a way to gain leveraged exposure to the price of bitcoin. But with the growth of AI, and against the backdrop of a prolonged slump in cryptocurrency prices, most publicly traded bitcoin miners are increasingly valued by investors as owners of digital infrastructure rather than producers of bitcoin, given their power capacity, data center assets and energy contracts.